Mitt Romney rakes in more in a single day than the average American earns over the course of a year. The Republican presidential candidate bowed to political pressure and released his two most recent tax records, which showed Romney raked in $21.7 million in 2010 and paid a tax rate of just 14% (about $3 million) in 2010. Click below to find out more.
That means the former Massachusetts governor made about $59,452 every day in that year, dwarfing the median household income of $49,445, according to the U.S. Census Bureau.
Because Romney gave about $3 million to charity — nearly half of which went to the Mormon Church — his tax rate was lowered to a meager 14%.
Romney hasn’t drawn a real salary in years, and the numbers confirm what most analysts believed: The bulk of his income comes from investment gains. Because capital gains are taxed at a much lower rate — 15% — than the levy on the salaries of the wealthiest Americans — 35% — Romney has an annual income in the top 1% of Americans paired with a relatively low tax rate.
Romney’s campaign said the candidate will pay about $3.2 million in federal taxes in 2011 with a tax rate of about 15.4%.
Romney has been dogged by Republicans and Democrats alike to release his returns.
The Obama administration previously pointed out Romney’s tax rate to highlight income inequality — a key issue in the upcoming election.
Team Romney tried to tamp down concerns early Tuesday, holding a conference call with reporters and stressing the Romneys donated $6.2 million to charity over the past two years — about 16% of their gross income.
“Governor Romney has paid 100% of what he owed,†said his campaign’s chief counsel Ben Ginsberg.
Ben Malt, director of Romney’s blind trust, also addressed reports that Romney invested funds in a known-to-be tax haven in the Cayman Islands, insisting “these entities are not evading one dime of taxes†and said any reports that Romney is trying to evade taxes is “flatly wrong.â€
Malt also addressed a Swiss bank account Romney held from 2003 to 2010. He insisted the account was “fully legal.â€
“This account wasn’t serving any particular purpose. It may or may not be consistent with Gov. Romney’s political views… it just wasn’t worth it and I closed the account,†he said.
Republican rival Newt Gingrich released his 2010 tax returns on Saturday. They showed he paid about 31.6% — more than $990,000 in federal taxes — on an adjusted gross income of more than $3.1 million.
Rick Santorum has said he would release his returns but his information is at his computer at home. Ron Paul has previously said he would not release his tax returns because nobody is challenging him to do so.
Romney’s wife, Ann, defended her husband in the Sunshine State, where the candidates are campaigning ahead of the Jan. 31 primary.
“I want to remind you where we know our riches are,” she told a crowd in Florida on Sunday. “Our riches are with our families.”
